Rollback in pump prices seen next week

MANILA, Philippines — Motorists can recover from the hefty price hikes implemented by oil companies last Tuesday, with pump prices expected to decline next week.

Cleanfuel said running trend showed possible price rollbacks of P0.60 per liter for gasoline and P0.50 per liter for diesel.

An oil industry source, on the other hand, estimated potential downward adjustments to range from P0.45 to P0.55 per liter for diesel and from P0.55 to P0.65 per liter for gasoline.

Department of Energy Oil Industry Management Bureau assistant director Rodela Romero, for her part, has estimated a price reduction of between P0.40 and P0.65 per liter for kerosene.

“Based on the four-day trading, it appears that there will be a rollback in the prices of all petroleum products – gasoline, diesel and kerosene. Although it will be small,” Romero said in an interview with dzBB yesterday.

The final price movements will be announced by oil companies on Monday, which will take effect the next day.